EURUSD - Eur bull run over??Completed Elliott Wave Structure:
• The chart displays a full 5-wave impulsive Elliott Wave count to the upside, labeled (1) through (5), completing a wave C.
• This suggests the end of a corrective ABC pattern, which often marks the end of a bullish retracement or rally within a larger downtrend.
Price Reaches Resistance Zone:
• The price reaches a previous high/resistance area marked by the top of the wedge and completes the fifth wave.
• This is typically where institutional traders may look to take profits or enter short positions.
Risk-Reward Set Up Suggests Short Bias:
• The chart includes a bearish risk-reward trade setup, indicating the trader expects a decline.
• The stop loss is placed slightly above the peak of wave 5, and the take profit is much lower, giving a favorable risk-to-reward ratio in anticipation of a significant move down.
Structure Confluence:
• The top of wave (5) aligns with the trendline resistance from the rising wedge formation, adding technical confluence to the bearish outlook.
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Conclusion
With a completed Elliott Wave count, bearish chart pattern (rising wedge), technical resistance, and a well-defined short setup, the chart strongly suggests that a major top may be in place for EUR/USD, and a downside move is likely to follow.
